- Part-Year Resident
- A person who lived in a particular state for only part of the year but must file a state income tax return there.
- Payroll Tax
- See Employment Tax.
- Penalty
- Charges added to your tax bill for late filing and late payment. The IRS may also charge interest for late tax payments.
- Pension
- A retirement plan that pays an annuity. Also see Individual Retirement Arrangement.
- Personal Exemption
- An exemption claimed for yourself and, if married filing jointly, for your spouse.
- PIN
- Personal Identification Number. A five digit number used to securely "sign" an electronically submitted, or efiled, tax return.
- Points
- Additional charges paid during the financing or refinancing of a
mortgage. A point is equivalent to 1% of the mortgage amount. Payments
of points are generally tax deductible.
- Principal Residence
- Also called a Primary Residence. The place where a taxpayer lives for the greater part of the year.
- Progressive Tax
- A tax based on a percentage of income. The higher your income, the
larger a percentage you pay. Our current federal income tax system.
- Property Tax
- A tax paid for valuable property such as real estate and vehicles.
- Proportional Tax
- Another term for Flat Tax.
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